Capital riesgo filantrópico: apoyo financiero a los emprendedores sociales

This paper examines the motivations that make philanthropic venture capital (PhVC) a way of financing the sustainability and the growth of socially-oriented enterprises. The key aims of the paper are a) to define PhVC and philanthropic venture capitalists (PhVCs); b) to formulate four main hypotheses aiming to test whether, how, and to what extent the typical for-profit venture capital (VC) model, as described by Gompers and Lerner (2001), can be considered as applied to PhVC as well. By analyzing secondary sources we report preliminary results which show that in the screening phase of PhVC investments and during monitoring activities, PhVCs behave like their for-profit counterparts, i.e., the venture capitalists.